Friday, March 21, 2008

Selective gullibility.

People were being advised, by people who operate (by nature of their profession) as authorities in financial matters to enter agreements against their own best interest.

Why is it that everyone thinks the man trying to sell them a $500 TV is a scummy ripoff artist, and the man trying to sell them a $5000 used car is a scummy ripoff artist, but the person trying to sell them a $500,000 mortgage is a financial professional and their bestest buddy?

Jeezo pete, folks! The man on the other side of the desk is not your friend. His job is to get money from you. Your job is to read the fine print and squeeze nickels 'til the buffalo craps, not to roll over and sign whatever's put in front of you.

Back when my friends and co-workers were buying $150,000 houses for $300,000 I told them they were being ripped off. They told me all houses were going for that much. I told them that I wouldn't buy any houses till the price came down because the housing market was overpriced.

During that time, I went through a divorce and the judge correctly valued my house at $120,000 dispite the fact that 10 other houses in the neighborhood with less square footage were selling for about $90,000 more.

I didn't like the judges decision, but I agreed with it because it was fair IMO because I would not have paid the "market" value for my house since I knew I could build the same one myself for what the Judge valued the house at.

My ex (who was a stay at home mom and never made one single house payment) got the house and I got $60,000.